Immunovant (NASDAQ:IMVT) Shares Up 4.1% - Here's Why

Immunovant, Inc. (NASDAQ:IMVT - Get Free Report) shot up 4.1% on Tuesday . The stock traded as high as $24.87 and last traded at $24.87. 67,350 shares changed hands during mid-day trading, a decline of 94% from the average session volume of 1,061,040 shares. The stock had previously closed at $23.88.

Analyst Upgrades and Downgrades

Several brokerages recently issued reports on IMVT. Wells Fargo & Company lowered their price target on Immunovant from $47.00 to $45.00 and set an "overweight" rating on the stock in a research note on Thursday, December 19th. Raymond James reaffirmed an "outperform" rating and issued a $36.00 target price on shares of Immunovant in a research report on Thursday, October 10th. HC Wainwright reissued a "buy" rating and issued a $51.00 price target on shares of Immunovant in a report on Friday, November 8th. Cantor Fitzgerald reaffirmed an "overweight" rating on shares of Immunovant in a report on Monday, September 9th. Finally, Oppenheimer upped their target price on shares of Immunovant from $47.00 to $53.00 and gave the company an "outperform" rating in a research note on Wednesday, October 9th. Ten investment analysts have rated the stock with a buy rating, According to data from MarketBeat, the stock currently has a consensus rating of "Buy" and an average target price of $47.22.

Immunovant Stock Up 3.7 %

The stock has a market capitalization of $3.64 billion, a price-to-earnings ratio of -11.16 and a beta of 0.64. The stock's 50-day simple moving average is $27.96 and its 200 day simple moving average is $28.74.

Immunovant (NASDAQ:IMVT - Get Free Report) last announced its earnings results on Thursday, November 7th. The company reported ($0.74) EPS for the quarter, missing the consensus estimate of ($0.59) by ($0.15). During the same period last year, the business earned ($0.45) earnings per share. As a group, equities research analysts anticipate that Immunovant, Inc. will post -2.73 earnings per share for the current year.

Insiders Place Their Bets

In related news, insider William L. Macias sold 3,188 shares of the business's stock in a transaction that occurred on Wednesday, October 16th. The shares were sold at an average price of $28.79, for a total value of $91,782.52. Following the completion of the transaction, the insider now owns 365,144 shares in the company, valued at $10,512,495.76. The trade was a 0.87 % decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available at the SEC website. Also, CEO Peter Salzmann sold 4,460 shares of the company's stock in a transaction on Wednesday, October 9th. The stock was sold at an average price of $29.56, for a total value of $131,837.60. Following the transaction, the chief executive officer now directly owns 1,003,884 shares in the company, valued at approximately $29,674,811.04. This represents a 0.44 % decrease in their position. The disclosure for this sale can be found here. Over the last quarter, insiders have sold 77,659 shares of company stock valued at $2,096,890. 5.90% of the stock is currently owned by corporate insiders.

Institutional Trading of Immunovant

Hedge funds and other institutional investors have recently added to or reduced their stakes in the company. KBC Group NV grew its holdings in Immunovant by 46.2% during the 3rd quarter. KBC Group NV now owns 1,936 shares of the company's stock worth $55,000 after acquiring an additional 612 shares during the period. Quest Partners LLC grew its stake in shares of Immunovant by 216.7% during the second quarter. Quest Partners LLC now owns 2,610 shares of the company's stock worth $69,000 after purchasing an additional 1,786 shares during the period. Assetmark Inc. increased its holdings in Immunovant by 73.8% in the third quarter. Assetmark Inc. now owns 2,891 shares of the company's stock valued at $82,000 after purchasing an additional 1,228 shares during the last quarter. Headlands Technologies LLC acquired a new position in Immunovant in the second quarter valued at about $77,000. Finally, Mirae Asset Global Investments Co. Ltd. lifted its stake in Immunovant by 21.4% in the third quarter. Mirae Asset Global Investments Co. Ltd. now owns 5,294 shares of the company's stock valued at $148,000 after buying an additional 934 shares during the period. 47.08% of the stock is currently owned by institutional investors and hedge funds.

Immunovant Company Profile

Immunovant, Inc, a clinical-stage biopharmaceutical company, develops monoclonal antibodies for the treatment of autoimmune diseases. It develops batoclimab, a novel fully human monoclonal antibody that target the neonatal fragment crystallizable receptor for the treatment of myasthenia gravis, thyroid eye disease, chronic inflammatory demyelinating polyneuropathy, and Graves diseases, as well as warm autoimmune hemolytic anemia.